Banking, finance, and taxes
Capital One U.S. Card Delinquencies Edge Higher
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Delinquencies at Capital One Financial Corp.’s (NYSE: COF) U.S. credit-card business rose in August from the month earlier, while charge-offs slipped, according to a filing with the Securities and Exchange Commission.
The McLean, Va.-based bank holding company said the 30-day delinquency rate for U.S. credit cards rose from 3.09% in July to 3.37% in August. The rate at its international credit-card business fell to 4.77% from 4.78% a month earlier. Auto-loan delinquencies were up to 5.79% from 5.75%.
Charge-offs, or loans banks do not expect to be able to collect, at Capital One’s U.S. card business shrank to 2.58% from 2.62% a month earlier. Internationally, the rate grew to 5.43% from 4.97% a month earlier. And auto financing charge-offs rose to 1.84% from 1.54%.
The full filing is available here.
Earlier this month, it was reported that ING Groep N.V. (NYSE: ING) would sell all of its approximately 54.0 million shares in Capital One in an underwritten public offering. ING acquired the shares as part of a deal in which Capital One ING Direct, its digital banking arm.
Capital One closed Friday at $59.37 per share, in a 52-week range of $36.33 to $59.74. ING ended the week at $8.98, in a 52-week trading range of $5.51 to $10.43.
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